Pulse Biosciences (NasdaqCM:PLSE) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsAnthony Petrone - Managing Director Equity ResearchJon Skinner - CFOPaul LaViolette - Co-Chair and CEORobert Duggan - Co-ChairTrip Taylor - Principal of Investor RelationsNone - ShareholderConference Call ParticipantsJosh Jennings - Managing Director and Senior AnalystSuraj Kalia - Managing Director and Senior AnalystOperatorLadies and gentlemen, thank you for standing by. My name is Colby, and I'll be ...

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $264,000, up from $86,000 in Q3 2025, driven by both capital and disposable devices [24] - GAAP net loss in Q4 2025 was $17.4 million, compared to $19.4 million in the prior year period [25] - Cash and cash equivalents totaled $80.7 million as of December 31, 2025, down from $118 million as of December 31, 2024 [26] Business Line Data and Key Metrics Changes - The nPulse cardiac catheter achieved a 96% procedural success rate at 1 year and 90% freedom from atrial arrhythmia at 12 months [38][40] - Revenue from Vibrance systems and electrodes in Q4 was $264,000, an increase compared to Q3 [19] Market Data and Key Metrics Changes - The company is focused on expanding its presence in the European market, generating robust datasets from clinical studies [8] - The annual incidence of symptomatic benign thyroid nodules in the U.S. is approximately 250,000, translating to 150,000 surgeries annually, highlighting a significant market opportunity [19] Company Strategy and Development Direction - The company aims to transition the medical field towards nanosecond pulsed field ablation (nsPFA) technology, which offers precision and efficiency in treating diseases [4][5] - Plans for 2026 include completing enrollment in pivotal trials for the nPulse Cardiac Catheter and expanding the IDE program for the nPulse Cardiac Clamp [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical and commercial progress made in 2025 and early 2026, emphasizing the importance of data in driving future growth [7][9] - The company anticipates that achieving FDA therapeutic clearances will be essential for significant revenue growth [23] Other Important Information - The company added 67 issued and 77 pending patents in 2025, totaling 250 granted patents and 180 pending [5] - A research collaboration with the University of Texas MD Anderson Cancer Center aims to evaluate nsPFA for treating thyroid tumors, expanding the potential indications for the technology [21][22] Q&A Session Summary Question: Transition from limited release to broader release for Vibrance - Management indicated that the current focus is on market development and quality outcomes before scaling up commercialization [32][33] Question: Updated timelines for IDE study enrollment - Enrollment is expected to be completed in the next 1-2 months, with plans to expand the study for more robust data [36][37] Question: Reception of nPulse data from the AF Symposium - The reception has been exceptionally positive, with significant interest from physicians and stakeholders in the cardiovascular space [39][40] Question: Integration of nPulse with mapping systems - Management confirmed that improved software integration is expected in the IDE, which could enhance procedural accuracy and outcomes [50][51] Question: Spillover benefits from nClamp - There are expected synergies between nPulse and nClamp, with both technologies demonstrating strong safety and efficacy data [55][56]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $264,000, up from $86,000 in Q3 2025, driven by both capital and disposable devices [23] - GAAP net loss for Q4 2025 was $17.4 million, compared to $19.4 million in the prior year period [24] - Cash and cash equivalents totaled $80.7 million as of December 31, 2025, down from $118 million as of December 31, 2024 [25] Business Line Data and Key Metrics Changes - The nPulse cardiac catheter achieved a 96% procedural success rate at 1 year and 90% freedom from atrial arrhythmia at 12 months [11][39] - Revenue from the Vibrance system and electrodes in Q4 was $264,000, an increase compared to Q3 [17] Market Data and Key Metrics Changes - The company is focused on expanding its presence in the electrophysiology market, particularly for atrial fibrillation, which is the most common arrhythmia [39] - The nPulse Vibrance system is being used to treat symptomatic benign thyroid nodules, with a significant annual incidence of 250,000 new diagnoses in the U.S. [17] Company Strategy and Development Direction - The company aims to transition the medical field towards nanosecond pulsed field ablation (nsPFA) technology, which offers precision and efficiency in treating diseases [4][5] - Plans for 2026 include completing enrollment in pivotal trials for the nPulse cardiac catheter and expanding the IDE program for the NanoClamp-AF surgical device [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical and commercial progress made in 2025 and early 2026, emphasizing the importance of data in driving future growth [6][32] - The company anticipates that achieving FDA therapeutic clearances will be essential for significant revenue growth [22] Other Important Information - The company added 67 issued and 77 pending patents in 2025, totaling 250 granted patents and 180 pending [5] - A research collaboration with the University of Texas MD Anderson Cancer Center is underway to evaluate the use of nsPFA for treating thyroid tumors [20] Q&A Session Summary Question: Transition from limited release to broader release for Vibrance - Management indicated that the current focus is on market development and quality outcomes before scaling up commercialization [31][33] Question: Enrollment timelines for the post-market surveillance study for thyroid - Enrollment is on track to be completed in the next few months, with plans to expand the study [34] Question: Reception of nPulse data from the AF Symposium - The reception has been exceptionally positive, with significant interest from physicians and stakeholders in the cardiovascular space [39] Question: Integration of nPulse with mapping systems - Management confirmed that improved software integration is expected in the IDE, which could enhance procedural accuracy [50] Question: Update on next-gen nPulse - The next-generation nPulse system is still in development, intended to integrate multiple ablation capabilities into one device [52] Question: Spillover benefits from nClamp - There are expected synergies between the nPulse and nClamp systems, reinforcing the potency of the ablation energy [53]

Core Viewpoint - Pulse Biosciences Inc. is experiencing a stock surge driven by positive clinical data from its nPulse Cardiac Catheter feasibility study, despite a slight decline in the broader market [1]. Group 1: Clinical Data and Study Results - The nPulse Cardiac Catheter demonstrated successful treatment outcomes for atrial fibrillation in 150 patients, with rapid procedure times and minimal adverse effects, positioning the technology as a leading market option [2]. - Findings were presented at the Annual AF Symposium 2026 in Boston, highlighting the potential of the nPulse technology to advance atrial fibrillation treatment, with plans to initiate a pivotal IDE study for additional patient treatment [3]. Group 2: Stock Performance and Technical Analysis - The stock is trading 49% above its 20-day simple moving average (SMA) and 39.4% above its 100-day SMA, indicating strong short-term momentum, although shares have decreased by 7.20% over the past 12 months [4]. - The Relative Strength Index (RSI) is at 75.62, indicating overbought territory, while the MACD is above its signal line, reflecting bullish momentum, suggesting mixed signals regarding stock performance [5]. - Benzinga Edge ranks Pulse Biosciences' stock with a strong momentum score of 68.22, indicating outperformance relative to the broader market, but caution is advised due to the overbought RSI condition [6]. Group 3: Current Stock Price Action - Pulse Biosciences shares were up 4.05% at $21.59 during premarket trading, with key resistance identified at $24.50 and key support at $20.00 [7].

Core Viewpoint - Pulse Biosciences, Inc. (PLSE) shares experienced a significant increase of 40.91 percent, rising by $5.60 to reach $19.29, likely due to the release of positive clinical data regarding the treatment of atrial fibrillation using its nPulse Cardiac Catheter [1]. Group 1 - The stock price opened at $14.95 and fluctuated between an intraday low of $14.72 and a high of $19.70 on the Nasdaq [2]. - Trading volume surged to approximately 0.65 million shares, significantly higher than the average daily volume of around 0.18 million shares [2]. - The first-in-human feasibility study successfully treated 150 patients with rapid procedure times and minimal adverse effects, with the data presented at the 31st Annual AF Symposium 2026 in Boston [2]. Group 2 - The stock is currently trading within its 52-week range of $12.56 to $22.75 [3].